| (a) The board will set qualifications and requirements, terms, and conditions, and all contract specifications to be met by the administrator. No appointment of an administrator shall be effective until a contract has been awarded by sealed bid and duly executed by the board and the administrator. The functions of the administrator may include, but are not limited to, the following: (1) preparing guidelines for participation in the program by participating lending institutions and distributing these guidelines to all interested parties; (2) preparing loan application forms and information brochures for use by potential veteran loan applicants; (3) reviewing applications by lending institutions to participate in the program and recommending approval or disapproval to the board; (4) maintaining a list of all approved participating lending institutions and updating this list by the first day of
January, April, July, and October of each year and making this list available upon request to any interested party for the actual cost of reproducing and mailing said list; (5) reviewing title and loan papers for each transaction under these rules and recommending approval or disapproval of them to the board; (6) assuring compliance by participating lending institutions with qualification, eligibility, and loan servicing guidelines and reviewing at least annually the performance of each approved participating lending institution and recommending whether the board's approval should be continued or revoked; (7) overseeing fees and charges made by participating lending institutions; (8) acting as clearinghouse for loan paperwork, including processing of loan payments by veterans; (9) overseeing forfeiture, foreclosure, and collection procedures; (10) preparing the
provisions and terms of the contracts between the board and participating lending institutions; (11) consulting with the appropriate state and federal authorities to obtain approval of the program by the VA, FHA, FNMA, and FHLMC; (12) providing all data processing services required by the program; and (13) making available at reasonable times and for reasonable periods books, records, and supporting document kept current by the administrator pertaining to the program for purposes of inspecting, monitoring, auditing, or evaluating by the board, its representatives, and representatives of the Office of the State Auditor. (b) The contract between the administrator and the board shall contain guidelines and standards for assessing the performance of the administrator. The contract shall also described the circumstances and conditions under which the board may dismiss the administrator. The administrator's
performance may be subject to an annual review by the board's staff.
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